APPENDIX 1 – BRIEF DESCRIPTION OF MFIS
Organization
Description
Cashpor
Financial and
Technical
Services
(CFTS)
Cashpor Financial and Technical Services (CFTS) started as a private limited
company in 1996 with its registered office in Hyderabad. It began its operations
in 1997 in Mirzapur (located in the eastern part of Uttar Pradesh) for
facilitating financial access to poor population who were dependent majorly
on private money lenders for meeting their day to day needs at that time.
However, at that point of time the major challenge was to convince the poor
about the mission and activities of CFTS, as the financial companies in the past
fled away with the hard earned money of the poor and this thus created a bad
reputation of these companies. This resulted in a slow progress initially with only
twelve branches opened in 1997 and 1998, respectively. These initial hiccups
continued till 2003, the year of break even for CFTS. In 2002, CFTS registered
as a section 25 company, namely Cashpor Micro Credit (CMC) for its micro
finance operations.
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